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Hennessy Absorbs FBR

Novato, Calif.-based Hennessy Advisors wrapped up its acquisition of assets from 10 fund products of FBR Funds. The FBR funds have been reorganized into the Hennessy Funds line, bringing Hennessy’s total assets under management to some $3.1 billion and the total number of shareholders to about 180,000.

“I want to personally thank the shareholders of the FBR Funds for their vote of confidence and welcome them to the Hennessy family of funds,” said Hennessy Advisors chairman and CEO Neil Hennessy, in a press release.

Seven of the 10 FBR funds will continue to be managed by the portfolio managers that have overseen the portfolios in the recent past; the investment objectives remain the same for these funds.

The remaining three FBR funds will be transferred into existing Hennessy funds with a similar investment objective: The FBR Large Cap Fund is being put into the Hennessy Cornerstone Large Growth Fund; the FBR Mid Cap Fund is becoming part of the Hennessy Focus 30 Fund; and the FBR Small Cap Fund is merging with the Hennessy Cornerstone Growth Fund.